Question

tina wants to save money for school Tina invest 1200 in an account that pays an interest rate of 6.25% how many year will it take her to reach $11900

Answer 1

When ever you have an investment problem you use this equation, I = Prt. Now let's look at the problem and see what we have. We have P, which is $1200. We have r, which is the interest rate which is 6.25%. But we don't have the number of years which is t. Usually when you solve problems like this you are asked to find the I which is how much you will make in a number of years when you are given t but in this case it is the opposite. So you plug in I which is $11900. Now our whole problem written out looks like this.

$11900=($1200)(6.25%)(t)

Now simplify. ($1200)(6.25%)=7500. Then rewrite the whole equation.

$11900=7500(t)

We are trying to find t so divide 7500 into both sides and your answer comes out to be...

1.5 years=t